BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,231 |
Shareholders' arrears receivable |
128 |
Miscellaneous receivables |
51 |
Prepaid expenses (Page 12) |
156 |
Contract work in progress (Note 13) |
999 |
Reserve fund (Page 12) |
4,596 |
Total current assets |
7,160 |
Land, Building and Equipment (Note 2) |
|
Land |
18,877 |
Building |
56,630 |
Building improvements |
17,200 |
Fixed equipment |
193 |
Oil burner |
190 |
Total land, building and equipment |
93,090 |
Less: accumulated depreciation |
63,782 |
Net land, building, equipment |
29,308 |
TOTAL ASSETS |
36,469 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,940 |
Maintenance received in advance |
77 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
81 |
Mortgage note payable- current (Note 3) |
1,323 |
Total current liabilities |
3,421 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
12,941 |
Total long term liabilities |
12,941 |
Total liabilities |
16,362 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
570 |
Paid in capital |
60,061 |
Accumulated deficit |
(40,525) |
Total stockholders equity |
20,106 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
36,469 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
14,508 |
Shareholder operating assessment (Note 9) |
1,248 |
Laundry income |
81 |
Interest and dividend income |
46 |
Late charges and miscellaneous income |
9 |
Total Revenue |
15,893 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,247 |
Operating expenses (Page 13) |
4,726 |
Maintenance expenses (Page 14) |
2,051 |
Taxes (Page 14) |
7,383 |
Financial expenses (Page 14) |
574 |
Total Expenses |
15,981 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(88) |
Add: Insurance proceeds (Page 14) |
164 |
Less: Depreciation (Page 14) |
(599) |
Less: Realized loss on securities (Page 14) |
(65) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(587) |
Beginning accumulated deficit |
(39,938) |
Ending accumulated deficit |
(40,525) |